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FEB 19, 2013 - Business Insider

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There's An Explanation For The Wal-Mart News That Isn't Bad For The Economy At All

On Friday, Bloomberg reported on leaked emails between Wal-Mart executives describing February sales as a "total disaster" – the worst monthly start in at least seven years. The executives cited the effects of the expiration of payroll tax cuts, which they believe are weighing on consumer spending. However, there is at least one reason to believe that the news is a bit of a fluke. As we noted on Friday, Miller Tabak economist Andrew Wilkinson suggested a link between the weak numbers and tax refunds (emphasis added): Second is the delay to tax refunds due to year-end complications from ... Read More

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